Patrick Byrne and Bradley Clousing Sell Alabama Assisted Living and Skilled Nursing Community

Brad Clousing and Patrick Byrne recently sold a 125 bed skilled nursing facility and a 30 unit assisted living facility in Northwest Alabama. The property has been family owned and operated since it opened and was currently being operated by the owner's second generation. This is the only skilled nursing asset in the family's portfolio. The community was built in stages beginning in 1976 with additions in 1991, 1993 and 1998. A majority of the 74,140 square foot property(s) was renovated in 2013. The community is a CMS 5-Star rated facility with over 30% Medicare mix. In the Fall of 2013, the city experienced a Legionella event which impacted the nursing/assisted living facility. Management implemented a self imposed admissions ban affecting the census and expenses. Despite these challenges, Senior Living Investment Brokerage, Inc. was able to procure five qualified offers on the property in two weeks. The buyer is a New York based investment group and has entered into a lease with a national operator. The financing was provided by CapitalSource. For additional information, please contact Pat Byrne at byrne@slibinc.com or Brad Clousing at clousing@slibinc.com

Nick Cacciabando and Patrick Byrne Sell Oklahoma Portfolio

Patrick Byrne and Nick Cacciabando have sold two seniors housing campuses in Tulsa and Bristow, OK, for a local family. The Tulsa campus comprised of a 116 unit senior independent living facility, a 90 unit assisted living and residential care facility and a 117 bed skilled nursing facility. The Bristow campus comprised of a 106 bed skilled nursing facility and a 16 unit assisted living facility. The Seller was a local family that had been in the business for 50 years. They were the original owners/developers of these communities. These were their only LTC/Seniors Housing assets. The Buyer is a regional owner/operator with an existing presence in Oklahoma. For additional information on this transaction or how Nick or Pat can assist you with the sale of your family owned/operated seniors housing community, please call 314/961-0070 or contact Nick at nbando@slibinc.com or Pat at byrne@slibinc.com

Patrick Byrne of Senior Living Investment Brokerage Sells Illinois Assisted Living Community

Patrick Byrne has sold a 65 unit assisted living community in Illinois located approximately 40 miles outside St. Louis. The facility opened in 2004 with much success. In 2008 the addition opened in the height of the recession and struggled before ultimately filling by offering "life contracts" to new residents. The facility census stabilized but the margins suffered due to below market rents. In recent years the margins began to improve as units leased at below market rates turned over. The Seller was a local group of investors. The Buyer was American Realty Capital who retained Meridian Senior Living as the operator. The census at the time of sale was 95.4% and the cap rate was 8.18%/3.67 GIM on annualized financials. For additional information contact Pat Byrne at 314-961-0070 or byrne@slibinc.com

Patrick Byrne, Nick Cacciabando and Matt Alley Team up to Sell Missouri ALF

Senior Living Investment Brokerage, Inc. sold a 23 unit, 46 licensed bed assisted Living community in Missouri. The building is approximately 11,600 square feet constructed in 1996 on approximately 4 acres of land. The community is located just outside of Branson, Missouri. The building has historically ran close to 100% census with stable financials. The sales price $2,300,000 ($100,000/bed) produced a cap rate of 10.5%/3.02 EGIM. The Seller was is an independent owner/operator exiting the business. The Buyer is a regional owner/operator based in Idaho with other operations in Missouri. For additional information, please contact Pat or Nick at 314/961-0070 or Matt at 630/858-2501

Patrick Byrne Sells Illinois Skilled Nursing Facility

Patrick Byrne sold a 75 bed skilled nursing facility in Coulterville, Illinois, a small town 50 miles east of St. Louis. The 28,606 square foot building was built in 1999 on 0.83 acres and sold for almost $60,000/bed. Originally developed by a non-profit organization, the property struggled financially. Sold to a for profit owner, they were able to stabilize the property, improve operations(91% census at the time of sale). Despite being profitable, Illinois' delay in Medicaid reimbursement and poor rates, led the owner to pursue a sale. Although the Medicaid rate is $101.09 and Illinois is approximately 6 months behind in reimbursement, Senior Living Investment Brokerage, Inc. was able to procure three strong offers within 10 days. The ultimate Buyer was a regional operator from Missouri. For additional information on this transaction, please contact Pat Byrne at 314/961-0070 or byrne@slibinc.com

Patrick Byrne and Jeff Binder Sell Central Illinois Assisted Living Community

Jeff Binder and Patrick Byrne facilitated the sale of a 37 unit Assisted Living Community in Central Illinois for over $140,000/unit. The facility was developed by a group of local investors to service the local seniors housing residents. After years of stable operations, the facility experienced a downturn in 2011-2012 and a decision was made by the partners to sell. The Buyer was American Realty Capital which retained Good Neighbor Care as the operator. The census at the time of sale was 92%. The 37,000 square foot building was built in 2005. For additional information, please contact Pat Byrne or Jeff Binder at 314/961-0070.

Congratulations

Congratulations to Senior Living Investment Brokerage's Top Brokers of 2012 and to another record setting year.
Ryan Saul, Jeff Binder, Matt Alley, Bradley Clousing, Patrick Byrne and Toby Siefert.  Congrats and good luck in 2013.

Patrick Byrne Sells Missouri CCRC

Pat Byrne has sold a CCRC located in a suburb of Kansas City, Missouri.  The facility consists of 112 skilled nursing beds, 46 residential care beds (23 units) and 48 independent living units and was built in 1992.  This represents the seller's last senior housing asset.  Although the facility's profit margins had dropped in receent years despite a relatively consistent census, the Buyer looks forward to achieving profit margins experienced as recently as 3 years ago.  The Seller had also recently placed attractive, assumable HUD debt on the property.  The facility also benefited from a recently funded $6.00 PPD Medicaid rate increase and another rate increase is scheduled for the near future.  The Buyer is an Ohio based REIT which will be leasing the property to a Missouri based operator.  The purchase price was $13,500,000.  For additional information, please contact Patrick Byrne at 314/961-0070 or byrne@slibinc.com

Pat Byrne Leases a Missouri Skilled Nursing Facility

Patrick Byrne has leased a 76 Bed Skilled Nursing Facility in north Saint Louis County.  As part of the lease agreement, a purchase option was executed as well.  The facility has always stood out as one of the area's best providers and boasts a quality physical plant to complement it's great reputation.  Located in a middle class municipality, the facility has historical census ove 90% with an emphasis on Alzheimer care.  The Lessee is based in St. Louis but lacked a presence in this market.  This offered a strategic acquisition near their home office.  For additional information, please contact Pat Byrne at 314/961-0070 or byrne@slibinc.com 

Patrick Byrne and Ross Sanders Sell Iowa Skilled Nursing Facility

Ross Sanders and Patrick Byrne sold a 50 bed skilled nursing facility in Western Iowa.  The facility had experienced a sharp decline in revenue recently due to a new facility opening nearby.  Although the facility was unprofitable and was facing competition for residents from a newer facility, Pat and Ross were able to procure multiple offers from local and regional Buyers.  The Seller was an owner/operator from outside the state that wanted to focus on their core markets.  The new owners are committed to improving the asset and giving it additional attention.  Also, the reimbursement environment in Iowa is improving which will have a significant improvement on the bottom line.  For additional information, please contact Ross Sanders or Patrick Byrne at 314/961-0070.

Brad Clousing and Patrick Byrne Sell Georgia Skilled Nursing Home

Patrick Byrne and Brad Clousing sold a 160 bed SNF for a local hospital authority.  The 45,000 square foot facility was built in phases between 1968 and 1974 but was well maintained and recently updated.  The facility was operated similar to a hospital and staffed at a level that could not be supported by the margins in the nursing home industry.  Despite the poor financial performance, substantial upside could be found in the existing operations and the foundation was there for a new owner to succeed.  Although it was losing over $400,000/year at the time of the offering, the facility was expecting a substantial Medicaid increase which was expected to reduce the losses soon after closing. 
Within 7 days of the initial offering, Senior Living Investment Brokerage, Inc. was able to procure multiple offers, with several buyers positioned  at the list price.  After a request for best and final offers and an evaluation of the interested parties, AdCare Health Systems was chosen.  The terms of their offer, history of transitioning non-profit facilities and their ongoing working relationship with Senior Living Investment Brokerage, Inc., resulted in the Seller selecting their proposal.  The ultimate sale/closing price was $240,000 over the intitial offering price.  For additional information, please contact Brad Clousing at clouisng@slibinc.com or Patrick Byrne at byrne@slibinc.com 

Patrick Byrne and Ryan Saul Sell Alzheimer's Care Facility

Ryan Saul and Patrick Byrne sold an underperforming, 46 Bed Skilled Nursing Facility (offering assisted living services) located in a suburb of Kansas City, Missouri.  Originally built by a local hospital to service the MI population in 1990, it was sold and renovated to an alzheimer care facility in 2002.  The facility operates at or near capacity but has recently shifted to a heavy Medicaid/Hospice census mix.  The Buyer is a regional operator with a growing presence in the Kansas City market.  The property includes acreage for expansion and  a vacant building that the new owner plans to renovate to use as a corporate office.  For additional information on this facility or to inquire how Senior Living Investment Brokerage, Inc. can assist you in the sale or purchase of your seniors housing property, please contact Patrick at byrne@slibinc.com or Ryan at ryansaul@slibinc.com

Patrick Byrne, Bradley Clousing and Jeff Binder Work Together to Sell Two Arkansas Facilities

Jeff Binder, Brad Clousing and Pat Byrne sold a skilled nursing facility and a residential care facility in Stone County, Arkansas. The skilled nursing facilityis 97 beds and was built in the 1960's with several renovations. It is one-story building comprised of approximately 30,000 square feet on 3.4 acres. The residential care facility is a 32 bed/20 unit facility built in 1995. It is one-story building comprised of approximately 12,000 square feet on 1.12 acres. The combined census at the time of the sale was near 92%. The Seller is a local health system and divested of the assets to focus on its core businesses. The Buyer is using this transaction to bolster its growing presence in the State of Arkansas. The combined transaction sold at a 7.7% capitalization rate/.875 GIM. For additional information, please contact Brad, Jeff or Pat.

Sanders, Binder and Byrne Sell Two Iowa Facilities

Ross Sanders, Jeff Binder and Patrick Byrne sold two seniors housing facilities in the Des Moines, Iowa area- Genesis Senior Living Center and Regency Care Center and Assisted Living. Genesis Senior Living Center is an 80 bed Skilled Nursing Facility located in southern Des Moines. The facility was constructed in phases; 1962, 1975 and 2006. Regency Care Center and Assisted Living is located in Norwalk and consists of two separate buidings on the same campus; a 101 bed Skilled Nursing Facility and a 30 unit Assisted Living Facility. The SNF was built in 1976 with an addition in 1983 while the ALF was built in 2007. At the time of sale, the overall census for the entire portfolio was 83.3%. The sale price of $12,650,000 or $59,953/bed/unit translated to a 12.4% capitalization rate/1.22 GIM. The Seller was a regional owner. The Buyer intends on investing capital while improving operations and increase overall census. Senior Living Investment Brokerage was able to work with the Seller to implement a national marketing plan and field multiple qualified offers on the portfolio. For additional information, please contact Patrick Byrne, Jeff Binder or Ross Sanders at 314/961-0070.

Patrick Byrne and Nick Cacciabando Sell SNF Portfolio in Arkansas and Missouri

Nick Cacciabando and Patrick Byrne sold the 506 bed, 5 facility Pinnacle Healthcare portfolio. The transaction also included Pinnacle Healthcare's home office located in Arkansas. Four of the facilities are located in Arkansas and one is located in Missouri. The facilities were built between 1971 and 1988 and all have sound physical plants. The entire portfolio had struggled as recently as a few years ago but new management had improved the operations despite being relatively new to the seniors housing industry. This is the first purchase in Arkansas for the Buyer, Adcare Health Systems. They plan on using the home office to service current and future facilities in the region. The portfolio sold for $20,000,000 at a 12.1% capitalization rate. Adcare anticipates improved operations due to their management experience. Senior Living Investment Brokerage, Inc. was able to work with the sellers to implement and execute a marketing plan which in turn generated multiple offers on the portfolio. For additional information, please contact Pat Byrne or Nick Cacciabando at 314/961-0070.

Patrick Byrne Sells County Facility in Illinois

Patrick Byrne has sold a 60 Bed Intermediate Care Facility in Southern Illinois owned by a local hospital. The building had negative cash flow due to the employee benefits package and the lack of Medicare certification. In an effort to shield the hospital from further losses, Senior Living worked with the winning bidder to take over operations almost immediately. The new operator was able to obtain Medicare certification and convert the building to a skilled facility prior to close of escrow. The new owner inherits a facility with a strong census a good referal source in the Seller. For additional information, please contact Patrick Byrne at 314/961-0700 or byrne@seniorlivingbrokerage.com

Jeff Binder and Patrick Byrne Sell Missouri SNF

Patrick Byrne and Jeff Binder have teamed up to sell a 96 bed Skilled Nursing Facility in Missouri. Located in the north-central region of the state 130 miles from St. Louis, the facility was built in 1987 with an addition in 1992. The one story facility is approximately 27,922 square feet on 4 acres. At the time of sale, the census was 90% with a 26% quality mix. The Seller was a regional owner/operator who is retiring from the long-term care business. The Buyer is a regional provider of seniors housing services based in the St. Louis MSA. The Buyer will look to boost operational and financial performance through local economies of scale and referral relationships. The facility sold for $5,470,000 at a 12.5% capitalization rate. Senior Living Investment Brokerage was able to procure numerous, pre-qualified offers on the Seller's behalf. For additional information contact Pat or Jeff at 314/961-0070.

Patrick Byrne and Jeff Binder Facilitate Missouri Sale

Jeff Binder and Patrick Byrne sold a 120 bed Skilled Nursing/99 bed Residential Care facility in Springfield, Missouri. The facility was constructed in three phases in 1961, 1986 and 2008 and comprises approximately 68,614 square feet on 6.41 acres. The facility encountered some regulatory issues during the sales process which led to numeroous delays. The Buyer is a regional owner based out of Missouri. The sales price was $11,500,000. For additional information please contact Patrick Byrne or Jeff Binder at 314/961-0070.

Patrick Byrne and Jeff Binder Sell Iowa CCRC

Jeff Binder and Patrick Byrne have sold a Continuing Care Retirement Community in Iowa for $10,000,000. The facility consists of 84 Skilled Nursing beds, 20 Alzheimer units, 34 Assisted Living units and 19 Independent Living cottages. Constructed in 1999, the community has approximately 72,276 square feet on 100 acres. For additional information, please contact Pat or Jeff at 314/961-0700.

Jeff Binder and Patrick Byrne Close Skilled Nursing Facility Transaction in Illinois

Patrick Byrne and Jeff Binder have announced the sale of a 99 bed Skilled Nursing Facility in Southern Illinois. The facility, constructed in 1971, is located in a rural town with a population of approximately 1,000 but draws residents from the entire county. Marketing of the facility was enhanced by assumable HUD debt. The Transfer of Physical Assets took nearly eight months to complete. During the process the facility's performance improved considerably. The Seller is a national owner/operator that acquired the facility in 2006. The Buyer is a regional operator based near the asset that will be able to create some economies of scale by absorbing this property into their current operations.